Old Pension Scheme: Is the central government going to bring the Old Pension Scheme (OPS). This question has been troubling the minds of government employees for some time now.
Now it seems that the government has started showing seriousness on this issue. Given the demands of the central government employees, the government has started working on a new pension scheme, which is said to guarantee at least 50% pension to the employees after retirement.
States took steps, to challenge the central government
Many states of the country like Himachal Pradesh, Chhattisgarh, Punjab, Rajasthan, and Jharkhand have already restored the old pension scheme.
Pressure is also increasing on the central government now. However, the central government has so far refused to fully restore the OPS but has taken a new initiative given the demands of the employees.
Committee formed on new pension scheme
Finance Minister Nirmala Sitharaman recently announced that a committee has been formed under the chairmanship of Finance Secretary T.V. Somanathan.
The job of this committee is to guarantee at least 50% pension to the employees at the time of retirement.
In the current NPS, the pension is given based on the amount deposited by the employees, but there is no fixed amount of pension in it.
The committee has studied the pension schemes of many countries and the changes made by the Andhra Pradesh government.
It has been found that the government can guarantee a 40-45% pension, but this may not be enough for those employees who work for 25-30 years.
Therefore, the government is now considering a 50% guarantee to address the concerns of the employees.
Plan to create a special savings account for employees
The government is also considering creating a special savings account under the new scheme. This account will be for those government employees who will need a pension after retirement, but will not have enough money.
The government will deposit the required amount for pension in this account every year. This scheme will be somewhat similar to the savings account created by private companies for the retirement fund of their employees.
The main objective of this scheme is to ensure that all retired employees get a pension, even if they do not have sufficient amounts in their NPS accounts.
Every year the government will check this account and decide how much money is needed.
Which employees will benefit from the new pension scheme
According to a Times of India report, government officials say that employees who work in government jobs for 25-30 years are getting the same amount under NPS as they used to get under the Old Pension Scheme (OPS).
However, employees who have left NPS after working for 20 years or less complain of getting less pension.
The new scheme will also benefit those employees who are retiring after working for a long time. With this scheme, the government will ensure that employees do not have to worry about pensions after retirement.
The demand to bring back the old pension scheme is now under the consideration of the central government.
The government is considering new options, including guaranteeing at least 50% pension to the employees. This move can be a big relief for the employees, as it will ensure their pension security.
Although there is no concrete decision yet on fully restoring OPS, the government’s new scheme is an important step towards securing the future of employees.
This is a crucial time for government employees and more big decisions may be taken on this issue in the coming months.